Real Estate in Chicago

Real Estate in Chicago Continues to Boom

Based on a sluggish economy and a large supply of available properties, economists expected real estate in Chicago to move at a slower pace in the fourth quarter of 2004 and into the first quarter of 2005.

To the Contrary…Real Estate in Chicago

A search of local records in Chicago, Illinois shows that 6,300 new homes were sold in 2004, an 80% increase in sales over the previous year.

The bulk of those sales came in the fourth quarter, which is traditionally a slow sales period for real estate in Chicago.

Since the New Year, residential real estate in Chicago, IL hasn’t skipped a beat in sales, contributing to new national home sales records and surpassing those set in the 1980’s.
Realty experts are citing the popularity of condos converted from apartment high rises as well as an influx of new first time buyers as major influences in this growth.

Chicago continues to attract a diverse group of buyers, including empty nesters and those looking to upgrade after selling their current home.

Sales of real estate in Chicago were led by the sale of condos, which enjoyed a 3.4% increase over last year. The demands within this segment also led to an increase of just Real estate in the Chicago area saw a slight drop-off in single family home sales, with a nearly 5% drop from the previous year. This drop in market share is attributed to the desire for the condo lifestyle. For those of you who think that this lack of interest in single family homes has brought about a drop in price, think again. You’ll find that the price for a single family home in Chicago rose almost 10%, placing the median price at $279,000.

If you’re interested in buying property in the Chicago real estate market, whether you prefer the city or a location in the suburbs, call or email your realty agent now so that you can begin your search of available properties.

Article Source: http://www.moneyarticlelibrary.com

Paul Gorney is a real estate expert and writer for various real estate publications in the U.S. Real Estate in Chicago is easy to find when you have expert help.

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated

Click the XML Icon Above to Receive REAL ESTATE Articles Via RSS!

Additional Articles From - Home | Real Estate

• Ten Suggestions when Purchasing Or Selling Real Estate - By :
  
• Take Help Of Short sale Scholars To Avoid Foreclosure - By : Alice pizae
  
• Important Questions to Ask Before Starting the Short Sale of Your Home - By : Ethan Walker
  
• How to Make Money By investment in Real Estate! - By : StacyHolder
  
• Top 10 Short Sale Myths Exposed - By : Rich Griffiths
  
• Considering the Value of Recreational Land - By : Hayden Antonio
  
• 5 Top Misunderstood Real Estate Investment Terms Worth Knowing - By : jrk
  
• Why Selling Rental Property is Easier than Real Estate Agents Think - By : jrk
  
• How An Equity Release Calculator Can Help You - By : Kevin Stelfox
  
• How To Choose Real Estate Investment Course Information For You - By : Brad Wozny
  

Related Articles:

• 12- Copywriting Tips To Make Your Advertising More Powerful...
• East Cape Wahoo Strike
• The Impact of Parenting Styles
• Why men fail with women and attraction
• Six Similarities of a Priesthood and Organized Crime
• E- Games- The New Age Entertainment Sports
• 8 Tips for Rainforest World Music Festival Goers!
• 8 Ways to Create Balance to Achieve Lasting Weight Loss
• Countdown to Success: Twelve Things to do Twelve Months in Advance
• The Many Faces Of A Fence